Published on 9/16/2021 in the Prospect News Structured Products Daily.
New Issue: Scotia prices $10 million autocallable review notes on Chewy, Match Group, General Motors
By Wendy Van Sickle
Columbus, Ohio, Sept. 16 – Bank of Nova Scotia priced $10 million of 0% autocallable review notes due Sept. 15, 2025 linked to the least performing of the common shares of Chewy, Inc., Match Group, Inc. and the General Motors Co., according to a 424B2 filing with the Securities and Exchange Commission.
If the closing level of each asset is greater than its initial level on any of the first four annual call review dates, or above 60% of its initial level on the final review date, the notes will be called at par plus a 21.9% annualized premium.
If the notes are not called, investors will lose 1% for every 1% that the final price of the least-performing asset has declined from the initial price.
Scotia Capital (USA) Inc. is the underwriter with JPMorgan Securities LLC as placement agent.
| Issuer: | Bank of Nova Scotia
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| Issue: | Autocallable review notes
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| Underlying assets: | Chewy, Inc., Match Group, Inc. and General Motors Co.
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| Amount: | $10 million
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| Maturity: | Sept. 15, 2025
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| Coupon: | 0%
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| Price: | Par
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| Payout at maturity: | If notes are not called, investors will lose 1% for every 1% decline of least performing asset from initial price, with the final level of each asset based on average of closing prices on five trading days ending May 1, 2026
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| Call: | If closing level of each asset is greater than initial level on any of the first four annual call review dates, or above 60% of initial level on final review date, notes will be called at par plus a 21.9% annualized premium
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| Initial price: | $157.71 for Match Group, $48.42 for General Motors, $76.60 for Chewy
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| Pricing date: | Sept. 10
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| Settlement date: | Sept. 15
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| Underwriter: | Scotia Capital (USA) Inc. with JPMorgan Securities LLC as placement agent
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| Fees: | 0.6%
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| Cusip: | 0641595F9
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